As Frisco’s land costs skyrocket and the city matures as a North Texas housing market, builders have filed fewer housing permits in the past few months, which means fewer homes under construction in the city limits.

And for the first time in city history the median price for a new single-family home has surpassed the half-a-million-dollar mark.

Housing permits are down in Frisco as the market matures and land costs escalate.

“A lot of neighborhoods are reaching build-out and so there’s not as many locations that are as active and the price of the current neighborhoods have gone up dramatically as well,” Ted Wilson, principal of Dallas-based Residential Strategies, told the Dallas Business Journal.

“If you look at this trend, Frisco was a less expensive alternative to Plano when it was growing way back when and now Frisco is one of the higher-priced markets,” said Wilson, adding this is a reflection of the city’s maturing housing market.

Since the beginning of 2010, Frisco’s median price for a new home has escalated 78 percent from $285,132 to $507,757, with some of those costs tied to the rising cost of dirt in the city.

Depending on the site, land costs in some neighborhoods have tripled, rising from $1,000 per front foot to up to $3,000 per front foot, Wilson said. Read More >